27-Aug-24 12:00

Faye Lim, Partner, Justin Faye & Partners | Malek Ali, Founder, BFM Media

On August 21st, BFM hosted the Enterprise Breakaway: From Farm to Franchise event, where industry experts and seasoned operators explored the critical elements required to build a successful and lasting F&B business in Malaysia.

In the panel session titled When Partners Fall Out, we spoke with Faye Lim, Partner at Justin Faye & Partners, and Malek Ali, Founder of BFM Media. Both shared their expertise on building and maintaining successful business partnerships, focusing on the importance of selecting the right partner, ensuring aligned goals, and formalising clear agreements to prevent misunderstandings.

Faye discussed the legal and practical aspects of partnership agreements, emphasising the need for clear communication and aligned goals. Malek shared his personal experiences of navigating partnership challenges, highlighting the importance of understanding each partner's contributions, both tangible and intangible, and the critical role of a clear exit strategy.

Key topics covered:

- Choosing the right business partners

- Common disputes and how to avoid them

- The importance of aligned goals and communication

- Legal agreements and their role in preventing disputes

- The value of sweat equity in partnerships

- Strategies for resolving partnership conflicts

- The role of mediators in managing sensitive discussions

Whether you're starting a new business or already managing a partnership, this episode offers valuable insights into building strong, resilient partnerships that stand the test of time.

Tune in to learn how to navigate the complexities of business partnerships and prevent potential fallouts.